Non-party chancellor who answered the Ruhr occupation with passive resistance and fell amid hyperinflation
Born to a civil servant’s family in Suhl, he studied law and, as a Treasury official, helped organise Germany’s food supply early in the First World War. In 1917 he joined the Hamburg America shipping line, which he went on to head. In November 1922 he was appointed chancellor by presidential decree without a Reichstag vote, the first Weimar chancellor who belonged to no party, and formed a “business ministry”. When French and Belgian troops occupied the Ruhr in January 1923 he called for passive resistance; paying for it, mostly by printing money, began the run-up to hyperinflation. Amid a wave of strikes his cabinet resigned in August in the face of a no-confidence vote initiated by the SPD. In 1932 he joined in advising Hitler on economics, and he died in January 1933.
Activities and affiliations
Career Timeline
- 1915–1916Head of the Imperial Grain Agency
- 1917Joined the Hamburg America Line
- 1922–1923Chancellor of Germany
- 1926Director general of the Hamburg America Line